On Thursday, Sam Bankman-Fried left federal court as a virtually free man after posting a massive bond of $250 million. This bond has been described as the largest ever pretrial bond by Assistant U.S. Attorney Nicholas Roos. However, upon closer examination, it seems that this bond may not be as significant as it initially appeared.
In the United States, bail bonds are typically used as a way for a defendant to be released from jail while awaiting trial. A bail bond is a financial guarantee that the defendant will appear in court as required. The bond is typically set by a judge and can be paid in cash or through the use of a bail bondsman.
In the case of Bankman-Fried, he was able to post a bond of $250 million. This is a significant amount, and it is not uncommon for a bail bondsman to charge a fee of 10%-15% of the bond amount in cash to issue a surety bond or “bail bond.” This fee is usually paid upfront and serves as a way for the bail bondsman to ensure that the defendant appears in court.
In most federal cases, a bail bondsman would require a payment of 10%-15% of the bond amount in cash to issue a surety bond. For example, if Bankman-Fried’s bond was $250 million, the fee for a 15% surety bond would be $37.5 million.
James A. Murphy, the founder of Murphy & McGonigle
However, it seems that in the case of Bankman-Fried, he was able to secure his bond without having to pay any cash at all.
This is quite unusual and suggests that he may have had access to other resources or collateral that could be used to secure the bond. It is not clear how Bankman-Fried was able to secure his bond without paying any cash, but it is likely that the details of this arrangement will be explored further in the legal proceedings.